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Cyber Crime – Are you Protected?

4th November 2018
Businesses can fall victim to email phishing scams, unauthorised access to account information and the transferring of funds

We pride ourselves in offering innovative marketing leading products; part of our offering to our farming clients is Rural Protect – a specialist policy tailored to the needs of the agricultural sector which has a focus on third party fraud and forgery.  

Businesses can fall victim to email phishing scams, unauthorised access to account information and the transferring of funds. One of the most common methods used is Social Engineering.

Social engineering, in the context of information security, means fraudsters manipulating people into performing actions or divulging confidential information. A type of confidence trick for information gathering, fraud, or system access, it differs from a traditional “con” in that it is often one of many steps in a more complex fraud scheme.

In short it can be difficult to prevent or avoid becoming a victim if a criminal is intent on using this technique for their benefit. Distinguishing between the real and fake requests for information is an increasingly difficult challenge.

Prevention is always better than a cure so to help avoid your business becoming a victim, think of these five steps which you can add into your business processes to prevent fraud:

  1. Slow down. Criminals of this nature want you to act first and think later. If the message conveys a sense of urgency or uses high-pressure sales tactic be suspicious; never let their urgency influence your careful review.
  2. Research. Always speak to the individual who has purportedly sent or given the instruction to make a payment. If the email looks like it is from a company you use, do your own research. Use a search engine to go to the real company’s site, or a phone directory to find their phone number.
  3. Check. Have a dual control procedure in place when appointing new suppliers to prevent fictitious vendor fraud. Maintain an approved list of suppliers and vendors, including key contacts with email addresses and telephone numbers, which can be referred to if any doubt.
  4. Verify. Check the name and email address of the sender for spelling mistakes and if they are on approved list of contacts. Where an email appears to be from a known person, click on the email address to ensure it’s not hiding a bogus address. Delete any request for financial information or passwords.If you get asked to reply to a message with personal information, it’s a scam. Always verify requests with another director, manager, supervisor or person.
  5. Avoid…Where possible try not to divulge any payment account information over the phone or email unless you have followed your business checks and verified the information.

Finally, speak with us. Think of this policy as a safety net should all else fail. Rural Protect, provided by HB Underwriting is backed by AXA and award winning legal firm RRADAR. Third party fraud and forgery cover are available as part of this management liability policy, standard cover already has £10,000 built in.

This also covers the accessing of your computer systems and transferring of funds by any person other than the insured. Cover can be extended up to £100,000 upon request.

To speak with us and find out what else is included in the policy please call us on 01228 406290 or email for more information.